A balance sheet shows the company's accounting condition. A balance sheet contains the Income Statement, Assets and Liabilities. When you export your accounts from your previous accounting program, you get an output similar to the Excel screenshot shown below in Figure 2.
Reconciled Balance Sheet
To understand the most important element of a reconciled balance sheet, we must first establish the definition of 2 essential meanings:
"The bank account in the bank"
In the Nordea screenshot (figure 1) it is seen that the company account has DKK 20,000 per 31-09-2021 which is the takeover date (start date) in Meneto.
"The accountg called Bank in the accounting software"
In the Excel screenshot (figure 2) below, it can be seen in row 19 that the accounting account "Bank" has a balance of DKK 20,000. as of 31-09-2021.
The minimum requirement for a reconciled balance sheet at start-up in Meneto
The "bank account in the bank" must be equal to the "Accounting bank account" at the acquisition date.
In this example it is seen that both balances are NOK 20,000 per 31-09-2021. Therefore, the balance sheet is reconciled and can be sent to us in csv or excel format.
What if balances on my 2 accounts are not identical ?
If balances are not identical, then the balance sheet is not reconciled. Call us on 78 77 33 66 or send us an email at email@example.com and we will help you with your goals.
Accounts Payable and Accounts Receivable
A creditor list is a list of the creditors / suppliers to whom you owe money. These occur naturally when you have a 30-day payment period, e.g. Then you owe your suppliers some money during that time, and here this will be on the Creditor List.
The reason why this is important to export and bring over to its new accounting partners is that you can thereby increase the accounting quality. Without knowledge of these outstanding from the old accounts, accounting would potentially not be fair.
A debtor list is exactly the same, but it describes how much money you have left with your customers.
Comparison year (for ApSs)
For ApSs with a normal financial year, an annual report must be submitted to the Danish Business Authority on 31 May. In this annual report, there are the reported financial statements, such as the income statement below.
It is an annual report for 2020, but you still have to include the 2019 figures, as seen on the right in column "2019". Thus, if a customer starts with us in the middle of 2020, we have no idea at all about the accounting status on 31/12/2019. This would not be sufficient for the Danish Business Authority, as we would not have 2019 (the comparison year) with us when reporting.
Therefore, in this case, the customer would be asked for a Balance Balance from 31/12/2019.
However, there is no need to think about it anymore. We will contact you if we need information about the comparison year (the previous one) and will in that case help to extract the data from your old accounting program.